SeaChange sells Casa Systems stake

Interactive TV and video-on-demand specialist SeaChange International has sold its holding in DOCSIS technology specialist Casa Systems for US$34.1m (€25.9m).

SeaChange, which acquired the stake in Casa for US$8.9m in July 2005, expects to net after-tax proceeds of US$30m from the deal, which will see Casa repurchase its own stock. SeaChange said it had originally invested in Casa, which is a supplier of DOCSIS 3.0 headend gear, “to help accelerate the development of cost-effective, marketable solutions that enable IP streaming over cable…essential for SeaChange to deliver advanced IP-based television software applications”. Since IPTV was now a reality, CEO Bill Styslinger added, “it is the right time for us to sell our shares ofCasa so we can allocate all of our resources to help grow our core business”.

 

Read Next